Despite Setbacks, the Crypto Mining Sector Stands Firm

It would appear several crypto mining companies out there continue to either purchase or inherit machines – even though profits in the industry seem to be dying either due to falling crypto prices or growing energy prices. Thus, while the industry is ailing at press time, it’s not giving up completely.

Crypto Mining Isn’t Giving Up

Not long ago, Clean Spark – a crypto mining firm that runs on renewable energy – bought as many as 3,843 crypto mining machines. The announcement was made on November 1 of this year, and the machines are reported to be Antminer S19J Pro Bitcoin machines, meaning they’re relatively top of the line. They were purchased at roughly $15.50 per tera hash, which is considerably less than what these items would go for.

The company has been buying up loads of machines given several other crypto mining firms have been forced to either call it quits or file for bankruptcy in the wake of the growing crypto winter. Matthew Schultz – executive chairman of Clean Spark – explained in a recent interview:

These cities essentially become our utility provider. They make a margin on every kilowatt hour we buy to conduct our mining operations, yet we are buying such high quantities of energy that it brings down energy costs for the communities we work with.

Not long ago, the company also bought up a new mining facility in the city of Washington, Georgia. Two months after that, it acquired another Georgia-based facility, meaning in a time when so many other crypto mining enterprises are downsizing or fully exiting the space, Clean Spark really seems to be growing like no other crypto business today.

While it may be expanding heavily, it’s not the only one with fortune stamped on its hind legs. Future FinTech Group – a blockchain application technology developer – has recently completed construction on a new crypto mining farm in northwest Ohio. The first batch of its Antminer crypto mining machines have been put into operation, and the company is looking forward to some potentially huge profits.

Building the New Farm

Kai Xu – vice president of the company’s blockchain division – mentioned in a statement:

We are pleased to have successfully deployed the first batch of Antminer S19 series mining machines in our Ohio cryptocurrency mining farm, which is the initial step of the first phase of the project to deploy approximately 12,000 S19 Antminers and accommodate about 1.3 EH/s of hash power in Ohio. Our strategic plan for this business segment is to develop cryptocurrency mining farms in different regions of the world and accelerate their deployment by using our own capabilities or through cooperation agreements with strong partners. We believe that our cryptocurrency mining farm in Ohio will be successful and will meet the goals that we have set out for it.

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